Russia’s largest lender Sberbank investigates loans backed by Bitcoin mining.
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Russia's largest bank Sberbank has launched the country's first corporate loan backed by a crypto-miner acquired by AO Intelion Data. According to Deputy CEO Anatoly Popov, Russia will help shape the crypto regulation and test the pilot of digital-asset collateral methods.
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Sberbank has arranged a pilot loan with mining company AO Intelion Data, secured by the Sber internal security platform and Rutoken hardware.
Anatoly Popov, deputy CEO of Russia's largest lender, said the experiment supports cooperation with the central bank on crypto laws and infrastructure. He pointed out that digital-storage products can be useful for any company that owns crypto assets, beyond miners.
Sberbank is to launch a custody service for crypto assets, strengthening its role in the Russian digital asset market. The move comes after Russia's central bank eased its stance on crypto, allowing it to be used in international trade amid Western sanctions.
These Sberbank services include security guarantees similar to bank account assets and asset freezing in case of suspected illegal activities.
